Steel Mills corruption case: SC transfers inquiry from FIA to NAB

Islamabad: The Supreme Court of Pakistan on Wednesday announced its verdicts in the Pakistan Steel Mills corruption case.

A three-member bench of the apex court, comprising Chief Justice Iftikhar Muhammad Chaudhry, Justice Khilji Arif Hussain and Justice Tariq Pervez, heard a suo moto case on the corruption of Rs22 billion in Pakistan Steel Mills and reserved its verdicts in the case on March 15.

In the verdict the SC transferred the investigation of the case from Federal Investigation Authority to National Accountability Bureau (NAB). The SC directed Chariman NAB to monitor the investigation and conclude the case within three month.

The apex court also directed the NAB to file cases for the cancelation the bails of the accused.

The court conducted short proceedings in the case and ruled that the investigation team had proved corruption.

On March 13, the Supreme Court sought an explanation from the Ministry of Industries and Production for its failure to take notice of the huge losses of Rs26.5 billion on account of corruption and mismanagement in the state-owned Pakistan Steel Mills during the year 2008-09.